Is "the right way" in quotes because it's sarcasm? This is a really cool idea, but very impractical. I think most would agree that "the right way" would be to port the game to HTML5, either using straight JS or a technology like Haxe and OpenFL.
An SWF runtime is feasible, it's actually not a very complicated format. The devil is in the details, but a lot of content does not use that many features.
Relying on old binaries of Adobe Flash Player is probably not a good idea from a legal perspective. I'm not a lawyer, and I haven't read the EULA, but I wouldn't be surprised if it didn't allow that type of redistribution.
Even if JS+HTML5 dies for some reason in the future, it's not a closed-source proprietary platform like Flash was, so preserving stuff will be much easier.